Skins betting: Everything you need to know

The world of traditional sports betting and crypto betting sites is booming. With the global gaming industry set to be worth an astonishing $540 billion, one of the key drivers behind that huge valuation is the e-gaming industry.

Regarded as both the present and future of sports betting, popular games such as FIFA, Call of Duty and League of Legends attract thousands of bettors and see hundreds of thousands of dollars wagered on a daily basis.

With the e-gaming industry only set to become bigger, there has been a burst of new and innovative ways in how bettors can bet on their favorite games. One of the most popular is Skins betting.

Some of you reading this may already be familiar with what Skins betting is, whereas for others it could be a betting method which is completely new.

Despite first being used in 2013, Skins betting is still popular and in this guide, we will reveal everything you need to know about how it works.

What is Skins betting and how did it start?

Skins betting is a different kind of betting. Whereas in traditional sports betting money is needed to place your bets, Skins betting involves betting on virtual goods. Skins are usually packaged as upgrades for certain characters within a game. Usually related to how a character looks or the weapons they can use, there are usually a plethora of skins packages available, and the rarest skins are often highly coveted.

Skins gambling started with the hugely popular and successful game, Counter-Strike: Global Offensive. Counter-Strike was the first game where players could buy Skins packages. Players could buy or win enhanced player costumes or weapon covers, and with players determined to make their players look as cool as possible, the Skins craze immediately caught on.

In order to buy Skins, a player converts money into credits and these credits can then be used to purchase Skins from the game’s online store.

Due to Skins being added to other popular games and across other gaming platforms, Skins began to take on a life of their own and many crypto betting websites started accepting Skins as a legitimate form of gambling currency. Now commonplace across many different betting sites, Skins can be used to place many different bet types.

How do you make Skins bets?

When using Skins, third-party gambling sites will accept the value of a Skin and convert it for cash. Once the value of the skin has been confirmed and the player is happy with the amount of cash that will be returned, a player's betting account will be credited with the funds and bets can be placed.

With the funds now within an account, bettors can use these funds to bet on popular casino games or can bet on the outcome of traditional sports or different esports. Any winnings that are made from these funds will be awarded in cash which can then be withdrawn back to an e-wallet and could be used to purchase further skins.

It’s important to remember that once a skin has been deposited, you won’t be able to get that skin back.

How do you get your hands on Skins in the first place?

There are two ways as to how you can get your hands on Skins. The first is through patient gameplay. The higher you advance in a game, the more likely you are to unlock or win Skins that you can utilise for gambling or even potentially trade.

However, the easier method to get hold of Skins is by buying them across various gaming platforms. When the Skins boom began, Skins were primarily purchased through the popular gaming platform Steam. Now with Skins becoming more common, Skins can be individually purchased through other domains such as WAX Marketplace, DMarket, CS Money and BitSkins.

When you complete the purchasing of any skins these will be instantly linked to your gaming account which you can then apply to the relevant game.

What is the appeal of Skins betting?

Having been a fixture in the world of crypto betting since 2013, there are many reasons as to why Skins betting has proved to be popular.

The first and most appealing is how simple these bets are to place. Most crypto betting sites that accept skins as valid deposit forms can usually see Skins converted for cash in just a matter of seconds.

With the exchanged funds often being credited instantly, bettors can then use these new funds to wager on a host of sports and other popular casino games.

Another reason why Skins betting has been popular is due to the social element that it can provide. There are some crypto betting companies that allow its bettors to pool their resources together and if successful, everybody involved in the bet can earn a slice of the winnings.

Betting in sports and casinos has always been an isolated experience but savvy gambling organisations are making the shift over to communal betting and are now offering games where people can gamble together. With Skins betting perfectly weighted towards social betting, it could be another reason why Skins betting will remain a popular crypto deposit method.

What are the problems of Skins betting?

Just like most deposit methods, there are some that can poke holes in the value of using Skins as a currency type for gambling.

One of the main fears is that the majority of sites where you can buy Skins are often unrestricted when it comes to age limits and it has been reported that those under the age of 18 have been able to partake in Skins gambling. Whether you are betting using crypto sites or traditional betting sites, you should be at least 18 before you can legally gamble. With Skins being open to all ages, there is a chance that those who shouldn’t gamble find a way to gambling sites or gambling pages which could lead to problems for these people down the line.

One of the other issues that comes with Skins gambling is that some of the sites where Skins deposits are accepted are unlicensed.

Licensed gambling sites are the best to use for a few obvious reasons. Firstly, licensed sites usually use the very latest encryption technologies which should keep both your funds and identity safe from fraud. The second point is that licensed sites usually invest in the best casino games in the industry. Game developers want their products on the best sites and it's highly unlikely they would want their games played on untrustworthy sites which could bring their offerings into disrepute.

What is the future of Skins betting?

Having been around for ten years Skins betting is a strong deposit method that has stood the test of time. As crypto betting gets more sophisticated and Skins remain popular you can see many people opting to use it for their casino deposits.

Whilst some may prefer to deposit using traditional cryptocurrencies, Skins still has a place across the casino landscape and will still be seen as viable. If you want to partake in Skins gambling you should ensure that your gambling site is licensed and regulated and that any unrestricted gamblers aren’t accepted.